Aurora (Colo.) Public Schools hired VALIC as sole provider for its 403(b) plan, said Dion Arguelles, director of employee relations.
The plan previously had six providers — VALIC, AXA Equitable, Voya Retirement Services, Security Benefit, First Investors and Horace Mann Educators.
An RFP was issued in the fall for a firm to provide investment services in addition to employee education. Of the previous providers, only AXA rebid.
With the consolidation to VALIC, the plan switched to a mutual fund platform from an annuity platform.
Investment consultant Innovest Portfolio Solutions assisted.
The plan has about $44 million in assets, according to VALIC.